UK Consumer Spending Weakens In February: Visa Survey

(RTTNews) - UK consumers reduced their spending in February as the high street remained a key source of weakness, a survey compiled by IHS Markit on behalf of Visa, showed on Monday.

According to the Visa consumer spending index, expenditure dropped 1.1 percent from a year ago in February.

"Rising living costs, lacklustre wage growth and relatively subdued consumer confidence are all likely playing a part in the ongoing reduction in household spending," Annabel Fiddes, a principal economist at IHS Markit, said.

"Unless the squeeze on incomes subsides, it looks unlikely that household spending will pick up anytime soon."

Going ahead into March, Mark Antipof, chief commercial officer at Visa said consumer spending is at risk of posting one of the worst first quarter results on record.

Retailers will no doubt be hoping that the milder weather will put a spring in shoppers' steps, said Antipof.